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Road to the White House

Series/Special. The candidates, issues and events shaping the presidential race.

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America 15, London 9, Us 8, Iowa 7, United States 5, Marco Rubio 5, Laney 4, Louisiana 3, New Orleans 3, Florida 3, Washington 3, John Ba Rhetta 2, Bob 2, Banking Union 2, Europe 2, China 2, U.s. 2, Mackenzie 2, Mexico 2, Jennifer 1,
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  CSPAN    Road to the White House    Series/Special. The candidates, issues  
   and events shaping the presidential race.  

    November 18, 2012
    9:30 - 10:59pm EST  

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are our people. i took a whole cabinet today to an academy school in bristol to show exactly the kind of transformation we need in the education system right across the country. we need schools with high standards and high expectation so all of our children get a proper start in the new competitive world. of course we all need to deal with the deficit so we can safeguard low interest rates and give it businesses the confidence to invest in britain and create jobs for our people. we need to rebalance our economy to expand the private sector, to put britain at the forefront of the global race for high knowledge, high-volume goods. that is why we are cutting corporation tax rates to the lowest across the deep -- the g- 20. it is why we have a patient box so we only pay 10 percent tax on the profits you make on intellectual property. building a truly aspirational economy requires something else even more fundamental to restore our competitiveness.
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i have long believed together with others that reducing tax, cutting regulation, that is not enough. we need a mortgage strategic, a modern approach to maintain and develop our global comparative advantage and to get out there and make the most of it. we need what i call on modern industrial strategy. not keeping dead industries on life-support, but supporting industries where we have a competitive edge and incur -- high-growth industries of the future. creating an ambitious, coordinated and muscular approach to government that allows them to flourish. let me give you a couple of examples.
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we have a comparative advantage and pharmaceuticals, health, and life sciences. in health, through the life science strategy, we have created a environmentalist catalyst fund. our actions are drawn millions of pounds of new investment from the private sector. we have great resources common knowledge, and expertise in energy. in energy we have created 1 billion pounds for capture in storage, one of the key technologies of the future. we created the world's first green investment bank. we're pioneering a new incentive for heat systems in people's homes, and we are putting in place a robust financial framework to incentivize renewable electricity. as a result, more than 12 billion pounds has been committed to into renewable projects in the u.k. and the past 18 months alone with the potential to support around 20,000 new jobs. we've also created new incentives to squeeze more oil
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and gas out of the north sea, including from the marginal fields. when we see opportunity, we must go for it. look at the way we of got behind tech city right here in london. two years ago there were around 200 digital companies. today there are 1200. with major tech companies like amazon and facebook setting up developer centers, this is now becoming the fastest-growing technology cluster anywhere in the world.
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we will be publishing new strategies for aerospace and ameritech, alongside it clear, offshore renewable and more to come. this strategic government action is vital if britain is to win in the global race. a modern industrial strategy will only true the work if it addresses a number of vital issues. first, pursuing a modern industrial strategy does not mean of being anti-finance. tell me this, which sector, which single sector of the economy contributed and eighth of all government revenue, even during the recession? which sector has a significant trade surplus, in which the actor underpins jobs for 2 million people with more than two-thirds outside london? of course, it is our financial- services. yes, some utterly terrible mistakes were made, and they need to be addressed properly so they can never happen again,
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but those who think the answer is just to trash the banks, would end up trashing britain. i say recognize the enormous strength and potential of our financial sector. regulate it properly, and then get behind it. that is why we are taking tough action. tough criminal penalties for those who break the law. the most transparent roll on pay and bonuses of any major financial center and you were in the world and a proper program to clear up the regulatory mess, including retail banking to protect it from the risks of investment banking. put simply, as mervyn king has said, we need a regime where banks can fail without the need for taxpayers to bail them out. we are also standing up for that any of the services sector in europe. the city of london is one of the eu's biggest assets and plays a
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crucial role in the u.k. economy. we will fight for rules that deliver open markets, competitiveness and new market access opportunities globally. yes, while we support the need for greater integration within the eurozone, including through a banking union, make no mistake, we will never allow banking union to compromise our fair access to the single market. a modern industrial strategy must utilize our greatest strength, which includes financial-services. yes, while we support the need for integration within the eurozone, including to the banking units, make no mistake, we will never allow a banking union to compromise our fair access to the single market. in our future, industry relies upon our greatest strengths, including financial-services. second, we must support all sectors of the economy when we have a comparative advantage, including defense. i understand why some people are squeamish about ministers flying off around the world to help the defense ministry do deals around the world.
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let me say this, britain has the most vigorous arms exporting license in the world. that is how it will stay. every country in our world has a right to self-defense. you cannot expect every country to be self-sufficient in providing the tanks, ships, and planes required. with 300,000 jobs depending on the defense industry, it is right should be on the forefront of this market, supporting british jobs and allies. that is why last week i was pushing for new contracts for jets worth billions of pounds and thousands of british jobs. that is vital new business for britain and i make no apology for going out there and try to help win it. first, the modern the -- modern industrial strategy cannot just be about backing the incumbents. it needs to be about unleashing the power of the insurgents, the new kids on the block. 99% of new jobs in america come from companies that are less than five years old. u.k. research shows 6% of companies with the fastest
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growth rate generate over half of the new jobs. yet government policy here has often been stacked against these start-ups. when i became prime minister, these companies were not even allowed to bid on central government contracts. 70% of government i.t. spending just went to government multinationals. we are changing that, tearing up the rules, spending hundreds of millions of dollars to stimulate investment, getting behind technology wherever it starts to emerge. we're working with the london stock exchange to make it easier for companies across europe to float here in london, because
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that is a vital part of how we track the entrepreneurial businesses and investors to generate the jobs and growth we need. there are those who think that a modern industrial strategy is just about acquiring the regions. yes, our country has become far too centralized. but we are changing that. we need bold, national decisions as well. cross rail, nuclear power, or the process established on how best to secure the air force capacity for the future. we also need national decisions to kickstart key sectors, just as we are doing with key investment banks. at the heart of a successful modern industrial strategy is
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the power to get behind what works and position the key sectors so that they have the best chance of winning in the will race. finally, we must never let, as some countries do, a modern industrial strategy be a cover for protectionism. i know that some people look at jaguar land rover, or foreign companies taking up with football clubs, asking -- shall we not do something to stop it? the answer is -- no, we should not. one of our greatest sales propositions is our openness. this is a vital part of our modern industrial strategy. the fact that we are so open is a calling card for britain all over the world, internationally recognized. foreign investment creates jobs,
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wealth, and growth. far from weakening the industrial base, the investment actually strengthens it. look at supply chains fostered in the car industry. for japanese investment in high- tech manufacturing. foreign investment is positively beneficial for british jobs in manufacturing and the rebalancing of our economy. there are similarly positive stories on trade. more free trade will mean more growth. that is why i am determined to play a leading role in new international trade agreements that will benefit britain, including launching agreements with japan and the european union in the next year. with all of these institutions and this legal expertise in london, lehr not just a great, but -- great country to trade with, we are also a great country to trade within. so, here we are in the heart of the city of london, which has always been brilliant at
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innovating, always stayed one step ahead. from lloyd's of london to the first international trading companies owned by shareholders in the 18th century. to the biggest islamic finance center outside the islamic world. from the western hub to the corporations who have pioneered social investment funds, you are always one step ahead and that is how it should stay. time and again the city of london has led the world and i know you can do so again. frankly, it is this pioneering, buccaneering spirit that will define modern industrial strategy. playing to our strengths, working out competitive the advantages, working out backing businesses big and small.
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together we will make sure that britain thrives and wins in this global race. thank you. [laughter] -- [applause] >> tomorrow david walker will discuss his idea to revert to the so-called fiscal cliff. the washington journal reporter looks at the u.s. oil output and efforts to make the country energy independence and the former executive assistant director talks about the fbi's role in investigating cyber crimes. live on c-span. >> foreign policy scholars will discuss the united states
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relationship with china and political, economic, and national security challenges. our live coverage begins tomorrow at 9:15 eastern on c- span 2. >> the mindset of the world well into the mid 1990's was that wireline access was either on poles or in the ground was the key to understanding telecommunications. the intriguing part of the wireless story is how very few people inside the industry -- that is why the mckinsey report came out the way it did. it was not just judge greene who did not understand wireless. it was the entire industry,
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except for visionaries regarded as kooks. what turned out to be the case was the hope some people have have a fixedo industry were half a dozen companies are offering telephone services over cables or copper wire payers like the telephone company. that edition was mistaken. >> wasn't a good idea to break up? they discuss pros and cons of the breakup of at&t. >> next, florida republican senator marco rubio. mr. rubio gave the keynote speech last night inside the palace theater. this is about 45 minutes.
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>> it is now my honor to introduce two nights great speaker, senator marco rubio. -- tonight's great speaker, senator mark rubio. he first served in florida's house of representatives in 2000 and was elected to the house of representatives in 2012. he served on commerce, foreign relations, intelligence, and small business committee. senator rubio has the courage and tenacity to stand up to washington's reckless spending and assault on the free enterprise system. he is just what we need to restore fiscal discipline and champion job creation. if you ask me, america can expect great things from this man in the years to come.
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please give a warm welcome to senator marco rubio. [applause] >> thank you. thank you. thank you very much. if this thing beeps, i will know what that means. i am honored to be here today. i want to data -- thank all of you for having me. i came from a small school that
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is no longer around. it is not my fault. maybe some of you are happy it is not around, but people ask me why did you go there. it was the only school in america that would allow me to play football. do not laugh. do not know this, but i would have been in the national football league had it not been for my lack of size, speed, and talent. i am glad to be here. it is great to be here, and let the dress up from the elephant in the room. anytime i want to make a trip to iowa, they address this. let me be blunt. i am not nor will i ever be a candidate for the officer in iowa. i know there is rumors.
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what i thought i would do is sure my impressions in the aftermath of this election. i have heard a lot of people who are discouraged by it. i have had the pleasure of travelling the country on behalf of mitt romney. he is an extraordinary human being who i believe would have been a phenomenal president, and we wish him the best in the political process. we are having this conversation, for those of us who believes in limited government, about what is all about and where we stand. let me begin by saying this is not about the republican party. this is about limiting republican conservatism.
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that is what is debated. let's be clear conservatism has never been decided by presidential elections. in states like this, governors are applying true principles to the modern problems of the 21st century. as i said, if america had a 5% unemployment rate, we would be very happy, as you should be with your governor. you deserve to be congratulated for that. [applause] for those of us in federal office, the question is how you apply the principles of limited government and free enterprise to the 21st century? that is the question we face, and that is what we need to be focused on moving forward.
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the problem we are facing as a country -- i gathered this from traveling a lot over the last six months and talking to a lot of people across this country, and i gather this from talking to a lot of people from my home state in florida. you can take a lot of insight picking up your kids in travelling across the country, and here is the fundamental problem you're a good our economy has stagnated, particularly for the middle class. the fact is workers are not making as much as they gained five -- as they did, 15, 20 years ago. my mother was a maid at a hotel, and they were able to offer a standard of living not rich by any means. we only had everything we needed. my parents were able to provide that standard of living.
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it is difficult to do that these days. the fact is middle-class stopped growing and wages will stop growing. private health insurance has stopped growing. there are 45 million americans without health insurance. with this issue of the middle class beginning under assault, this is a problem that goes to the core of what america is, and here is what i mean by that. every country in the world is rich people, and every country has more people. one of the things that made america a exceptional, a vibrant middle class that anybody could be a part of, no matter where you came from. the great promise of america is everyone would have the opportunity if they work hard and played by the rules to go as far as their talent and work ethic would take them.
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this goes to the core of where we are as a nation. it is one thing that sets us apart. we are talking about the essence of who we are as a nation, and before you can solve any problem, you have to know what the causes are. there are two main causes happening to middle americans. the first is our economy is not growing fast enough. it is not creating jobs that pay people enough money so they can have the kind of life and give their kids the opportunity my parents gave me and your parents gave you. the second problem is too many people do not have enough skills to take invented to of -- to taking advantage of the jobs being created. whis is the state of loewe unemployment and jobs are being created. people do not have the skills
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work the jobs that are being created. globalization has changed the way the economy functions. it has moved jobs overseas. my wife, when we were still dating and about to get married, she was a bank teller. there are not many bank tellers anymore. you can deposit a check by taking a picture on your phone. is that a bad thing or a good thing? is what it is. at the federal level, we do not have what you have at the state level, and that is political leadership, a political leadership that understands your government should take in more money, understanding you can generate money through taxes but if the tax rates are too high it discourages people from investing, and if the tax rates are unpredictable, it scares people away. of course we have regulations.
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you want your water to be breathable. you want rules, but if your rules are not part of the cost- benefit analysis, if you are not playing it with a positive or negative you are going to have have regulations. government is contributing to this for growth. if you look at this fiscal close. the you know who made that congress made back. -- the you know who made that? congress made that. that was not an accident. congress chose that. the fiscal clift is a complete creation of the branch in washington, d.c., and it
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threatens our economy. what about regulations? that is what happens when someone decides to take it out of the bank and decides to open a new business, and people are afraid to do that with no plan to fix it, taxes they cannot fix added energy policy that is incentivizes energy manufacturing. the second part of the problem is our people do not have the skills they need. it starts with societal breakdown.
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we have problems. it has a direct impact on our economic well-being. i hear people talking about social conservatives, but the social well-being is directly connected to economic well- being. when a child is raised in a stable home by two parents, it is the greatest gift my parents gave me, not a big house, not even a college savings account. they could not afford that, but they gave me a valuable thing. i was raised in a strong and stable home, where my parents loved each other and made us feel secure and encourage. there are a lot of people who do not find themselves in that situation. they will be the first ones to tell you how difficult is.
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it extends beyond that. millions of children are born out of wedlock. millions of kids are growing up in dangerous neighborhoods with no access to health care, or maybe their grandparents are raising dumbness and now and their mom is working two jobs to make ends meet. these kids are starting out with two strikes against them. these are facts of societal breakdown, and they manifest themselves in our economy. there are other issues. we needed 21st century curriculum. they have to educate themselves. there are plenty of people i have met. maybe they made a mistake of not knowing who to school, but they regret it and want to change -- of not going to school, but they regret it and want to change their lives.
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we have got to give them the chair. raising her two boys herself, she was able to enact an education and change her life completely. we have to do got four more people. the college costs are significant, not just going to school like i did. i graduated with exorbitant student debt. somebody named sally mae kept taking a $700 out of my account every month, and when you add up all my student loans, i spent more on my student loans and i did on any other expense, so i knew that going in. we have to do something about that. we have too many kids with enormous debt load, and they have no idea how much it is going to cost them to pay it back.
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they deserve the right to know that going in. i have given you the problems, but what are the solution to? we startit is by making poor pee richer. that is the way to move our country forward. [applause] what can government do at the federal level to get the economy growing again? look to your governor here in iowa. how about balancing your budget and deal with debt? [applause] how about tax rates that generate the government -- the rates government meets but not so high that people are afraid to invest in economy? a regulatory process that takes into account the cost of the regulation? an investment and then the energy policy, not just energy politics. united states is now the most
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energy rich country in the world with a wide portfolio of energy resources. that is not as good in terms of fitting jobs -- of creating jobs or because it allows us to be independent. it allows american manufacturing to be competitive again. labor costs were lower overseas. we can lower energy costs, of a sudden all kinds of american manufacturing is viable again. manufacturing jobs are middle- class jobs not allow people to raise their families, to buy a house, take a vacation and send their kids to college or get ahead in life. if we had a viable energy policy, we would be so much further ahead. we have to deal with health care. the government's solution is not the answer. we need to figure out how to empower people to access to a vibrant private market where
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they can buy the insurance they need at a price they can afford from any company in america that will sell it to them. the federal policies that encourage reform. we need sound monetary policy. the federal reserve, its role should be testable car and say -- should be to have a stable currency. there are millions around the world emerging into the middle class. they buy more stuff, including food. many of the country they live at the cannot produce the food they want to consume. that is where we come in. american manufacturing has the opportunity for an extraordinary 21st century renaissance. iowa is a state that understands that. how about free but fair trade? more markets to buy the stuff we build. there are millions out there that can afford to buy it now.
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i think we need it -- to modernize our legal immigration system. 1 million people a year immigrate here legally. no other country comes close to that figure. but the system needs to modernize. need to take into account the opportunities increase for investors are jobs. the visa process first for the need to be improved as well. south-- the visa process needs to be improved as well. we have the opportunity for business exchange. there are other things government can do a parody are being pioneered at the state level. the second part of it we have to do is prepare our people. that starts with the family structure. we have to be clear with people that there are consequences to
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societal breakdown is. our government cannot do anything to undermine those institutions that have always been the ones that help strengthen our families. we must do everything to ensure this federal policy does not allow that to happen. we needed 21st century education system. i believe in early talk of -- childhood education. a curriculum that teaches the kids what they need to learn and succeed in the 21st century. your lieutenant governor is a leader and education. we need more of that. we are preparing our kids to compete with kids in mississippi and alabama when they are actually competing with kids in china and india. we must bring our standards up. i talked about career education. why have we stigmatized vocational education. there are kids who do not want to go to harvard. this should be in industries certification in a career like
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that. all these things matter. i will conclude by saying this frustration out there is real. from some people on my son of the aisle -- so many people on my side of the aisle, i have heard people say things i will mica in baltimore. i will focus on my family and community and the politics to others. others have suggested the american electorate has changed. i cannot believe that is true. i cannot believe that is true. if it is true, the very nature of our country has changed forever. that cannot happen. i cannot believe that is true.
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i the most are like my parents. all the what is a job that pays them enough money so they can buy a house, take their kids on a trip every once in awhile, do something they enjoyed in life, and leave their kids better off than themselves. the problem is those jobs are not being created as fast as they once were. to many of them did not have the skills to do the jobs that are being created. that is what they want. i think that is who we still or as a people. i do not think that has changed. i think what has happened is that there are those that have made promises to them who i told them we have more government, a bigger program that does this. if you allow us to tax one people more to pay for services for another group of people, convincing people that is the solution to the problem predict government does not heard the people.
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it hurts them. big government crushes the people try to get ahead. people love made it, the millionaires in the big corporations, there is nothing wrong with those folks but they can afford to do with big government. they can hire the best lawyers in america, the best accountants. they do not like the law, they can hire the best lobbyists to change the law. let me tell you cannot deal with it. the small business owner. big government crushed as people try to make it. and that is what to out the people -- out the history of the world, 6000 years of recorded history, almost anyone who has ever lived was poor. >> this is the exception, not the rule. in many parts of the world, what
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we have is a rare. if america declines, there is nothing to take our place. there is no other country. there is no other organization. there is nothing to be what we are and once worked. there is no other country to stand there. what country is going to serve as an inspiration to people all over the world that have been told, you cannot have freedoms? because we express our opinions. what hope is that for people are around the world better told, you can only do the job your father or mother did because that is your station in life? but they can look to america and see someone just like them that have accomplished extraordinary things. america declines, if the power of our example is dimmed what takes its place? the answer is nothing takes its place. and your children and give him -- grandchildren will inherit not just a diminished country, but there will inherit a diminished world, darker and
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harder, probably more violent than it has been in a long time. what is at stake is not just our country. is the way life is on this planet. that is what -- worth fighting for. what that means to me is that we need to do a better job of convincing our fellow americans who perhaps do not see things the way we do that free enterprise and limited government is the best way forward for them, that free government and limited enterprise -- and a limited government and free enterprise is the only system that has allowed people to climb out of the circumstances of their birth. is the only system that allowed of vibrant, widespread middle class to take root. that is not going to be a hard argument for us to make, but we have to make it. if we do, i believe you will see all across this country what you are seeing here -- the ideas that made as an exceptional nation will continue. and our children will inherit what they deserve to inherit, what i inherited and you
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inherited, the single greatest nation in the history of all mankind kerf i am grateful you give me an opportunity to share this with you today. i have not had a chance to speak other than in my home after the election. and even that has a limited. [laughter] me the grateful you gave opportunity to address your on these topics because i feel so passionately that what is its stake is generational. i do not see this just as a challenge. i see it as an extraordinary opportunity, an opportunity for us as a generation of americans to do our part and write off our cages an extraordinary history of the special place. oftentimes, people say thank you for what you're doing for our country. i feel guilty when you say that because i want you to know i can never do for this country what it has done for me. i do not know where i would be tonight if my parents had not come to america in 1956, but i doubt seriously if i would be a
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place like this speaking to a crowd like you. perhaps i would be like all people have been through 6000 years of history. i would be doing what my father did. there is nothing wrong with being a bartender. but he did that so i could have the career, whenever it was, he never pushed me into one career or another. i believe there are millions of people that want that for their children and grandchildren in america. our job is to make it easier for them to do that. and government can play a role. the governor is an example of what government can do in the state. i pray god will give me an opportunity to be part of that in washington d.c. thank you for the opportunity to speak to you on these topics. [applause] thank you.
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thank you. thank you. i am going to say, i am relieved there were no hecklers. the last thing is what we are here to do is to celebrate the governor's birthday. i understand mackenzie is going to sing. is that right? everybody is coming? great. we want to hear them. going to sing. they are going to sing.
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♪ >> happy birthday to you happy birthday to you. happy birthday dear grandpa happy birthday to you ♪ [applause]
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>> grandpa. [laughter] >> all girls? all girls and one more on the way. [applause] we are expecting our fifth granddaughter in december. about a month away. anyway, are they not great? thank you very much, girls. first of all, i want to thank you all for coming tonight. i want to especially thank bridget, mackenzie, sofia and alexis for leading the birthday songs. you grils arirls are great. he did a wonderful job. i am proud of you. i want to think my wonderful
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wife chris and my entire family, my two sons and daughter and their spouses, and the extended family, all of the people that have been such a wonderful support system for me. i also want to thank another special family. the crantz family who own adventure land. this is a great example of a family-owned business that provides wonderful, recreational opportunities for people of iowa in thousands and thousands of visitors that come here. you know i have a nostalgic feeling every time i come back to adventure land because we had my first birthday party, my first 39th birthday party here, and many others after it. and i love coming back to a venture land. this is a special place. and i think a lot of other
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people feel that same way because they have a lot of wonderful experiences at this great place. adventure land the crantz family is an example of a wonderful iowa success story. thank you for your generosity. obviously, i am proud we could have this event at adventure land again this year. i know how important this park is or tourism and the benefits it provides to our economy. i especially want to thank the cochairs of this event, and they did a fantastic job. patty and jim, and diana and john smith, thank you for making this such a great success. thank you. and i also want to acknowledge the steering committee, christie and jeff, sandy and gary, jckie nackie and bob, joyce and
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arnie, janet and mark jacobs, jennifer and chuck, bruce and debbie and doug rightguard. erin and matt, jane and bob, marcia and dan. i want to thank all of them up for their good works and thanks to all of you for making this the most successful fund-raiser the brandsstad committee has had in history. thank you very much. i want to thank the wilder side band for their entertainment and for our baker, linzie of live, love, bake for delicious
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birthday treats tonight. this is a wonderful cake they put together. thank you very much. one of the big reasons for having such a great success is our and operational speaker, marco rubio. what a wonderful message he has and what a great example of the american dream. and he is an inspiration to me and so many others to continue to focus on a limited government and empowering the private sector to grow opportunities for all of our people. tonight's event, with this event, we have turned the page and we look towards the future. i have always been one that learned that you never fight the last battle or a look at the last campaign. you look to the future and learn from mistakes of the past to do
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a better job in the future. and marco rubio is the kind of inspirational leadership that is going to point us in the right direction. [applause] lieutenant governor kim reynold s and i were honored to be selected by the people of iowa two years ago to lead this great state. we came to office with ambitious goals. we inherited a financial mess, not as big as the federal government, but we have a lot of one time money that is used for ongoing expenses. we had a projected deficit in the hundreds of thousands of dollars. actually, hundreds of millions of dollars. this is government. and we have a lot of challenges. but i am proud to say we came in with ambitious goals to reduce the size and cost of government,
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to focus on bringing quality jobs to our state, reducing the tax and regulatory burdens and making iowa more competitive. we have been proud to work on this every day. you know it is great to lead a state like this where you have ambitious, hard-working people and a population that gets more diverse every year. the lieutenant governor and i are working to see that each and every iowan has an opportunity to achieve the american dream. and we are. to do that by getting government out of the way it and giving it the business community the opportunity to grow and realize their dreams and the individual iowa worker the opportunity for the education they need to have the skills for those great jobs that are going to be created in the state in the future. [applause] we want those new startup
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businesses to succeed and grow and our state here we want to ensure all iowans that they have the opportunity to be part of the healthiest state in america by taking ownership of their own health and working together with us to reduce the cost and increase the accessibility for health care for iowans. we will provide the best educational opportunities for our children. and i am excited and hopeful about the future. you've heard about some of the things that happened recently. but we have just begun. and if we continue to reduce, things like the commercial and industrial property tax, and taxiowa more competitive, we will have more start up businesses and more growth in the future. we are not satisfied with 5.1% unemployment. we'd like to be were north dakota is at 2.7%.
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[applause] we have agriculture, but they have agriculture and oil. but we are not going to let us a deterrent -- let that deter us. we had a good conversation with the governor of north dakota who shares our basic philosophy about the way we grow our economy and make our state more competitive. i want ever want to know how much i appreciate your personal support and the financial sacrifice you have made it to give me this great honor of serving you. and i promise i will work each and every day to continue to earn your support and confidence and to make this state the best that it can be. we want -- iowa is a great straight with a lot of wonderful people, but i believed our future can be even greater because of what you are doing. and i am just honored and proud to be part of this wonderful
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team that we have been able to put together to lead this state. so with that, i just want to end by saying, thank you. god bless you. and i guess enjoy the music. and at least have one of these cupcakes. and thank you for your support. i appreciate it. thank you very much. [applause]
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[inaudible conversations]
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[captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012]
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♪ ♪ [inaudible conversations] ["sweet home alabama" playing] ♪
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♪ ♪ >> live coverage tomorrow on c- span. we will look at immigration policy at the american enterprise institute. speakers include richard land of the southern baptist convention and utah's attorney general. then the ceo of the nasdaq stock
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exchange talks about the fiscal cliff and its effect on capital markets. hosted by the brookings institution, that is at 1:00 p.m. eastern. tomorrow night, former abc news reporter ted koppel talks about the future of network news. p.m. eastern00 next, attorney general eric colder hold a press conference on the recent settlement in the bp oil case. the company will pay of $4 billion fine. this is a half-hour. >> good afternoon. i am honored to join with the associate attorney general, and
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the assistant attorney general, the director of the securities and exchange commission's division of enforcement, the head of the deepwater hall rise in tax force in announcing one of the latest steps forward in our ongoing effort to achieve justice for those whose livelihoods were impacted by the largest environmental disaster in the history of the united states. and to hold accountable those who bore responsibility for this tragedy. today, the department filed a 14 count information charging bp with 11 counts of felony manslaughter. one count of felony obstruction of justice and violations of the clean water and migratory bird treaty acts in connection with the oil spill that began in
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april, 2010. bp has agreed to plead guilty to all 14 criminal charges. including responsibility for the deaths of 11 people and the events that led to the unprecedented environmental catastrophe. the company has agreed to pay $4 billion in fines and penalties. this marks the largest single criminal fine and the largest total criminal resolution of $4 billion in the history of the united states. it stands as a testament to the hard work,, as investigators, attorneys, support and staff members and other persons from the deep water horizon task force and many agencies that have worked tirelessly to
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advance an investigation that began before the oil well was capped. and it constitutes an amazing -- an environmental -- to fulfill a promise that i made in new orleans and nearly two years ago. we in days with our counterparts to determine the cause of this disaster, to respond to the consequences, to seek justice on behalf of the victims and to enable gulf residence to continue to recover and rebuild. to this end, under the terms of the agreement that we announced today, $2.4 billion of the criminal recovery funds will be dedicated to environmental restoration, preservation, and conservation efforts throughout the region, including barrier island creation and river diversion project.
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more than $1 billion will go to the united states coastguard oil spill liability trust fund to be available for compensation for those affected by oil spills throughout the united states. as part of the plea, bp will retain a monitor for four years who will oversee safety, risk management, and equipment maintenance in relation to deep water drilling in the gulf as well as an independent auditor that will conduct annual reviews to ensure it complies with the terms of this agreement. the company will hire and ethics monitor to foster robust cooperation with the government. this underscores the justice department's determination to
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stand with gulf coast communities. in february, the same commitment to lead to the department reaching a partial settlement totaling $90 million related to the company's liability for the deepwater horizon disaster. $40 million of this will go directly to the gulf. but our work is far from over and the trips that my colleagues and i have made it to the gulf coast since the spill we have seen the damage to lives and businesses as well as to coastal areas and -- that that tragedy has affected. we've been inspired by the resilience despite each and every gulf coast resident who
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has been affected. i want to be clear that today's resolution does not mark the end of our efforts. instead, our criminal investigation remains ongoing and we'll continue to follow all credible leads and purets, any charges that are warranted. the federal grand jury also has returned an indictment charging the two highest ranking b.p. supervisors were -- who were onboard the horizon on the day of the speculation with 23 criminal counts. 11 counts of involuntary manslaughter and alleged violences of the clean water act. the grand jury has also charged a former b.p. executive -- has
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charged him with hiding information from congress and allegedly lying to law enforcement officials. these and other matters remain open, including a separate civil action that's pending in federal court here in new orleans. we are looking forward to the trial, which is scheduled to begin in february of next year in which we intend to prove that b.p. was grossly negligent in causing the oil spill. in that lawsuit we are seeking civil penalties and a judgment that b.p. and others are liable for renewable costs and natural resource damages, exposetures that could although -- amount to billions of dollars. we remain as determined as every to hold those responsible accountable. in addition to my colleagues, we are firmly committed to combating oil spill fraud by investigating and prosecuting
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those to pay the consequences of a terrible agencies. i want to thank the justice department and partners and gulf coast residents who have contributed to this work and what made today's historic announcement possible. i'd like to turn things over to the assistant attorney general to the criminal division. laney will provide additional details about today's action. laney? >> thank you, mr. attorney general. in april of 2010, the nation witnessed an unimaginable tragedy when the deep water horizon oil rig exploded in the gulf of mexico. 11 people onboard the rig died and there began and oil began at that point pouring out of the mccondo well and onto the sea floor for months, causing immense damage to the gulf region and to our eco system.
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communities here in new orleans and around the gulf have waited patiently for justice to be done. today their wait is over. the deep water horizon test first filed a 14-count information and guilty plea agreement in new orleans federal court earlier today. the information charges b.p. exploration and production inc. with 11 counts of felony manslaughter, violations of environmental laws, including the clean water act, the migratory bird act and obstruction of congress. b.p. has agreed to plead guilty to each of these 14 counts and to pay the highest criminal fine in united states history. programs the greatest tragedy is that the deaths of the 11 men onboard the deepwater horizon could have been avoided. the explosion of the rig was a disaster that resulted from b.p.'s culture of privileging
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profit over prudence. and we allege that b.p.'s most senior decision makers onboard the deep water horizon rig negligently caused the explosion. we hope that today's acknowledgement by b.p. of misconduct through its agreement to plead guilty to 11 counts of felony manslaughter brings some measure of justice to the family members of the people who died on the rig. as the oil spill continued, b.p. made a tragic situation worse. they began misleading congress and the american people about how much oil was pouring out of the mccondo well. as b.p. now admits, in responding to congress, the company lied and withheld documents in order to make it seem as if, though the oil was
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spilling, that less damage was being done to the environment that, in fact, was really occurring. acknowledging those lies, b.p. has agreed to plead guilty to felony obstruction of congress. make no mistake, while the company is guilty, individuals committed these crimes. and we have also unsealed today a 23-count indictment charging b.p.'s two highest ranking supervisors aboard the deepwater horizon with manslaughter and violation of the clean water act. the two b.p. well site leaders are charged with negligence and gross negligence on the evening of april 20, 2010. in the face of glaring red flags indicating that the well was not secure, both men allegedly fail told take appropriate action to prevent the blowout.
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a separate indictment was also unsealed today, charging a former senior b.p. executive, david rainy, with obstructing a congressional investigation and making false statements to law enforcement officials. the indictment alleges that rainy, on behalf of b.p., intentionally underestimated the amount of oil flowing from the well. rainy allegedly cherry picked pages from documents, withheld other documents altogether and lied to congress and others to make this spill appear less catastrophic than it was. the attorney general stood near here with department officials when he first opened this criminal investigation into the terrible oil spill and promised that we would thoroughly investigate and hold into account those responsible for this horrible tragedy.
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today, we've begun doing exactly that and tomorrow, and in the months to come, the deep water horizon task force will continue to tirelessly pursue justice in this matter. i'd like to personally thank task force director john ba rhetta, who has done an absolutely remarkable job? leading this investigation, as well as the many fine prosecutors from the criminal division, the environment and natural resources division, the u.s. attorney community and the many talented federal and state law enforcement agents who have worked so hard for so long to develop these cases. i would also like to thank our colleagues at the securities and exchange commission for their important parallel investigation. and with that, i would like to turn it over now to my friend and colleague, the director of enforcement at the s.e.c., robert.
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thank you. >> thank you. i'm rob. director of enforcement at the s.e.c. today we are announcing that b.p. has agreed to pay more than a half billion dollars to settle charks that have misled investors about the rate of oil flowing from the gulf of mexico during the deepwater horizon disaster. a $5 a 235 million civil penalty represents the third largest ever and those funds will be used to compensate harmed investors for losses sustained from this fraud. b.p. misrepresented that the oil spill flow rate was estimated to be up to 5,000 barrels of oil per day and that that was the current estimate. in fact, b.p. was in possession of numerous an cease where $5,000 was at the lower or
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lowest end of the range and those same analysis that is a range that are many muttles of 5,000 barrels. after these filings, b.p. exec tivers made numerous public statements in which they stood behind the flow rate estimate of 5,000 barrels despite an ever-growing body of evidence that the estimate was unreasonly bli low. they also dismissed higher estimates reached by third-party scientists and outside groups realized the actual amount was nearly 10 times the amount that b.p. had estimated. concealment of the truth by b.p. caused devastating loss to the families of the victims, to the environment and undermined the truth-seeking function of congress and by hiding the severity of the spill, b.p. caused another type of harm, harm to its own shareholders, to the investing public and to
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the financial markets, all of which are entitled to transparent, accurate, and complete information. in the end, the core of our allegations is that the eyes of the world with you -- were on b.p. in the spring and summer of 2010. the company had an opportunity to provide accurate, full disclear of the facts to the public and instead, b.p. chose to mislead the public. that is not what we expect from public companies and their management, and, in fact, it is in times of crisis that the need for accurate information is most acute. i want to recognize the incredible hard work and dedication from the s.e.c. staff from the philadelphia regional office conducting this investigation. including connie lynch, bryan thomas and matt wall have. i also want to thank all the members of the deep water horizon task force, especially john ba rhetta, derek holland
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and abby guesser and i want to thank the leadership of the attorney general african-americans. and laney brewer for their leadership in this investigation. thank you. >> i'll be happy to answer any questions you much. >> what -- when do you expect a settlement on the civil charges? >> we have been in negotiations with -- i'll be very honest. we've been in negotiations with b.p. we have not reached a number they consider surf in order to resolve those civil claims that we have. we have a trial set for february. we are planning to vig rowsly dib vigorously enforce our complaint at that time. there are possibilities that further resolutions could
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result -- >> as the attorney general has said repeatedly, b.p. ask exposed to billions of dollars for the harm they've caused and we are prepared to take that case to trial and vigorously continue to pursue our civil case. >> what's the difference in the penalty per barrel spill when you go with a negligent standard or a gross negligent standard? >> on the civil side, which is where the negligence/gross negligence distinction is applicable. you ever $1,100 per barrel statutory penalty for negligence. the difference there and the standard in the law is the difference between violating a duty of care versus wonten and
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reckless conduct. >> what does this settlement mean for the families of those who died? the 11 men and for all those impacted? >> i would hope that -- there's not -- there's nothing that we can do to bring those loved ones back. on the other hand, this is an indication, and perhaps a vindication that we have shown and the company has admitted that as a result of their actions people died their unnecessarily. man slaurp has been charged. manslaughter has been pled to. i would hope that happened bring some degree of comfort by way of explanation as to why those brave people lost their lives. but at the end of the day we can't bring them back and i think what we can certainly
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green glean from what has happened here that those deaths were in fact unnecessary. >> are any of these fines or penalties tax deductible for b.p.? >> they're not. the attorney general was very clear that nothing in the criminal settlement could be tax deductible nor be an offset to any further civil resolution. >> mr. attorney general, do you -- since the criminal investigation is ongoing, is it still possible that other b.p. employees or executives will be charged in the future? >> it's an ongoing investigation, that's exactly right. >> this doesn't clear b.p. employees? >> all i will say today is we have resolved it with the company and we've charged three individuals and we have an ongoing investigation. >> mr. holder, we keep hearing about this, the historic nature of these criminal penalties,
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but we heard the same thing pretty much seven years ago in the texas city case. it seems like environmental cases of this nature cainled kind of fall like nfl passing records. what deterrent do you expect this to have? >> well, you have to understand the totally of what we have announced today. there are penalties that are historic in nature. a company has pled guilty to criminal felony charges, manslaughter. individuals have been charged as well. everything that we are capable of doing in the criminal sphere we have done today and this is unprecedented, both with regard to the amounts of money, the fact that a company has been criminally charged and that individuals have been charged as well. and as laney brewer indicated the criminal investigation is ongoing. i hope this sends a clear message to those who would
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engage in this kind of reckless and wonten conduct that there will be a significant penalty to play and that individuals and companies engaged in these type of activities will themselves be held responsible. this is not just a corporate plea. individuals have been charged. >> do you have anything to say about a federal prosecutor resigning and another one being demoted because they were making comments about ongoing cases in their office? >> i am aware of those charges. we are looking at them at main justice. i've seen the reports but i don't think it would be appropriate for me to comment beyond that. >> attorney general, are you confident that this will change that culture at b.p. that was present at the time of the explosion? >> i am optimistic that it will. i would hope that it will. there is a monitor in place to ensure that, in fact that
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culture does change. i think that the company must respond, which they did in putting together that $20 million fund and the amounts of money they have expended in order to fund restoration. i think that's in some ways an indication that the corporate mind change has -- mindset has changed but there are mechanisms in place to ensure that take place. >> could you address how the guilty plea today affects the ongoing civil case and the determination of whether this is gross negligence? will this be a factor? and also, have you discussed with b.p. whether this money they'll be paying actually comes out of the pool they're planning to make available for civil fines? >> two things. first of all, clearly the significance of this criminal plea can't be understated and it will have, i think, an
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impact on the ongoing civil case that we're vigorously pursuing. we have in our complaint alleged gross egg inly against -- negligence on the part of b.p. and we feel strongly that we'll be able to prove that case in february. in terms of the impact on any potential civil recovery, that in part is a determination that court will make but i think it's something that the assistant attorney general brewer said earlier that is very, very significant and that is that no part of the $4 billion that b.p. has agreed to pay today will be used to offset any future civil recoveries that will go to restoration of the gulf coast. >> can you talk about halliburton -- >> those investigations are
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ongoing so we aren't going to speak about that. >> can you give us a state by state breakdown as to how much money goes to each state? particularly alabama in this case? >> there's a chart here which illustrates a lot of this. the attorney general made this point that one reason this is such an historic result is the vast majority of this recovery is going back to the gulf coast states. now, as you all know, the restore act does not govern criminal penalties so it doesn't govern how penalties are apportioned in this case, but we did look to the restore act as a rough guide to apportion what each state would receive under this criminal resolution. so roughly the amount of money is i'd say roughly a portion equally amongst louisiana and other states who have a significant additional amount
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of funds which will be devitoed -- devoted to restoration, creation, and mississippi river diversion, which you'll find in the louisiana master plan. >> the way in which this money has been apportioned is not the way in which we typically apportion money at the end of a case like this. we have tried to be sense active to that which congress has expressed in the passage of the restore act. i spoke earlier today to senator landrieu. i also spoke to congressman bonner and senator nelson as well to tell them about what we have done with regard to the destruction of the money next with this -- in connection with this settlement today. >> if we could have three answers to the question, you should focus on it is the largest criminal resolution ever and it's historic that virtually all of the money will
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go to the benefit of the gulf states. that is very unusual for a criminal resolution. it's a criminal fine and it's punitive but nonetheless it's going to the different states, particularly to louisiana. >> i want to ask you about how do we get here? we talked about the fines and penalties. but what are you doing internally, and also the oversight of funds that will be districted. how is that going to be monitored? >> so one of the really important features of this resolution is about $350 million will be given to the national academy of sciences in an endowment, and the purpose of that is to improve our oil response, oil spill response, improve drilling safety measures. i think if there's anything that we've learned from this great tragedy is that we can improve the way we respond to
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oil spills. we can improve drilling safety in the gulf and throughout the country and $350 million of this resolution goes just to that. >> mr. secretary, can you address how the decision was made by the justice department -- how and when it was made to inform president obama of the investigation of the c.i.a.? >> i would say that with regard to that issue, what we did was conduct the investigation in the way that we normally conduct criminal investigations. we do so in a way that -- so they can be seen as being done in an impartial way. we follow the facts. we do not share outside the justice department, outside the f.b.i., the facts of ongoing investigations. we made the determines as we were going through the matter that there was not a threat to national security. had we made the determination that a threat to national
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security existed we would, of course, have made that known to the president and also to appropriate members on the hill. but as we went through the investigation, looked at the facts and tried to examine them as they developed, we felt very secure in the knowledge that a national security threat did not exist that warranted the sharing of that information with the white house or with the hill. but when we got to a point in the investigation, it was very late in the investigation after a very critical interview occurred on the friday before we made that disclosure, when we got to that point where we thought it was appropriate to share the information, we did so. >> thank you. >> next here on